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Tax return 2020

Tax time is here and it’s a tax year unlike any other. The COVID-19 pandemic has changed many taxpayers’ circumstances in one way or another, which will be reflected in our tax returns this year.

We understand that 2020 has been difficult for many. That’s why we strive to help you minimise any possible tax liabilities, whilst remaining compliant with income tax laws at all times.

KMT Partners is a Chartered Accountant Practice providing a range of accounting, taxation, SMSF and business advisory services to clients all over Adelaide and South Australia. Our accountants are highly experienced and qualified to assist you with your tax and financial needs, whether you are an individual, sole trader or business.

Our services:

  • Tax calculations and advice
  • Tax return lodgement
  • Tax planning & compliance
  • Tax saving strategies
  • BAS returns
  • Complex transactions

 

We also support you to comply with and make decisions concerning GST, Capital Gains Tax, Fringe Benefits tax, as well as employer administration of superannuation, WorkCover and Payroll tax.

For a no obligation consultation to discuss your tax position, contact us.

So we can make the most of your tax appointment, below is a list of documents to prepare for your tax return:

INCOME STATEMENTS

  • PAYG Payment Summaries to be completed by employer via Single Touch Payroll (STP) and retrieved from MyGov account
  • Payment Summaries from Centrelink for example, Newstart, Youth Allowance, Disability Pension
  • Eligible termination payments
  • Interest earned from bank accounts
  • Share dividend statements
  • Annual tax statements from trusts, managed investments, property and cash management trusts
  • Income and expenses from investment properties

 

DEDUCTIONS & EXPENSES

  • A list of work-related expenses (with receipts). This includes your motor vehicle log
  • Receipts of charitable donations
  • Interest and fees on investment loans
  • Donations to charities (unless you get a ticket to win something in return, those ones don’t count)
  • School building levies and library funds
  • Fee charged for previous year’s tax return
  • Income protection insurance
  • Sickness and accident insurance
  • Private health insurance
  • Any extra superannuation contributions
  • Amount of HELP debt or Financial Supplement loans outstanding
  • Out of pocket medical expenses for disability aids only in excess of $2,265

 

OTHER DETAILS

  • Bring the details of your spouse, including their date of birth and taxable income to check if you may be eligible for tax benefits.

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